I think the cost of maintaining steep, sand-faced bunkers can't be justified by 99% of courses. Hand raking is just too expensive. Sure, they look great, but it is an expensive look. From a playing standpoint, the ball usually ends up in the bottom of the bunker whether there is grass or sand on the face.
A Banks courses near me, Rock Spring, has sand-faced bunkers and they added beautiful fescue a few years ago, but the bunkers are constantly collapsing. They must be hand-raked. Now they are doing away with the look one by one.
I play at Hackensack, and Rees Jones re-did all of our bunkers with grass faces, and they are just so much more practical. We can groom them efficiently with machines (without sand pro entrances!) and we still have the same sand shots that we did when the faces were all sand. I'm sure the purests will groan, but there are only so many man-hours in a week...Our crews can focus on greens, tees, fairways and roughs. There has to be a balance between look, playability and cost.